The W.D. Carter Library of Caribbean Economic Development was established in 1999 to commemorate the lifetime achievements of Wentworth D. Carter. Carter successfully pursued careers in real estate and health care entrepreneurship. Despite his busy schedule, he found time to pursue his greatest passion - the education and empowerment of the youth.
The Library seeks to “Expose the God– centered principles of economic development in the quest to contribute to the advancement of wealth creation and human resource potential, while causing an escape from poverty.”
To achieve this objective, the Library is:
• Building a world-renowned electronic research capacity on Caribbean Economic Development.
• Ensuring the cross fertilization of ideas between academicians and practitioners through conferences and lectures, such as this one.
• Facilitating the process of education for economic development.
The determination of the foreign currencies are based on the exchanged rates due to the cause from inflation, interest rate, current account deficit, public debt, terms of trade, political stability and not to mention the performance of the economy itself. Depreciation of currencies occurs when a country lowers the official value of its currency in relation to foreign currency thus importing more expense. There are certain factors in which a currency’s value can be determined and they are as follows:
• Central bank activities
• Excessive debt which leads to the devaluation of currency
• Currency crisis occurs when speculators rapidly lose confidence in the country,
• Inflation which reduces purchasing power
• Trade deficit is amount by which the cost of a country's imports exceeds the value of its exports and this will lead to the devaluation of the currency.
The slide in the foreign exchange dollar will affect the Jamaican economy because there will be a presence of high inflation, low or negative economy growth, increase national debt, increase unemployment and low corporate earning profits.
The government and citizens are the main persons in an economy because without them it is unlikely that there will be a smooth flow in conducting daily activities in the economy itself hence they both can help to improve the economy by halting the slide in foreign exchange rates.
Firstly the citizens may consider taking part in these activities-
• Produce more locally produced goods and services.
• Grow more of what we consume
• Produce the consumption of energy and products that are related to energy boosting
• Take a local vacation instead of travelling all the way overseas
• Don’t speculate in the foreign exchange market
Secondly in an economy such as Jamaica the government plays a very important role in the decision making and they too can halt the slide by considering these activities-
• Don’t barrow additional funds unless for capital formation
• Provide incentives for the capital formations
• Increase tariff on imported items to control consumer spending in these areas.